Dubai: Dubai-based Bin Manana Investment Group yesterday launched Lam Tara Towers, a mixed-use twin-tower development on Shaikh Zayed Road.
Covering 68,000 square feet, the project represents the 10-year-old company's first foray into real estate development.
The project will feature 60 floors of office space in the commercial tower and 70 floors of luxury one, two and three bedroom apartments, duplexes and penthouses in the second tower, as well as 1,600 car parking spaces.
When complete, the development will overlook interchange 1 of Shaikh Zayed Road on a site opposite Burj Dubai.
Bin Manana officials would not reveal the investment figure or their plans for project launches next year, but promised a rapid expansion of the company's UAE property portfolio.
Tarek Ameen, the company's marketing director, said the time is right to launch new projects, despite rumours of a correction in the luxury residential property market triggered by a substantial supply of new luxury residential units in Dubai Marina.
"There is significant demand for commercial space in Dubai and we believe we are offering something different in the residential market," he told Gulf News.
"It's a twin tower located in an already established area of Dubai and offers residents a chance to live and work in the same place, meaning they won't suffer with traffic."
Construction will start next January and will be completed in three years. Ameen denied that the company's inexperience in the property development will reduce its chances of handing over units on time, stressing that the project involves several leading names in their respective fields.
Dubai-based Albinaa Project Management was chosen as the engineering project managers, while building design is being led by Dimensions Engineering Consultants.
Dubai Interiors, a Bin Manana Investment Group company, will design the building interior, property management company Asteco has been selected as property services consultants, and Amlak Finance is Bin Manana's financing partner.
Sales of a limited number of commercial units started yesterday, while sales of residential units are being held back until later this year.
Bin Manana Investment Group runs five companies in its business portfolio -Bin Manana Contracting, Dubai Interiors, Dubai Financial Brokerage, Green Desert Fertiliser Factory and property management company Al Ghadeer Real Estate.
